Buying FAQ

As a registered buyer you need to just email the practice code to info@practicesalesearch.com.au or submit a shortlist.

We can then pass you more information and / or the sellers details depending upon the listing.

If you aren't registered we will need for you to register.

There are a lot of confidentiality issues associated with practice sales as often the staff and patients of the practice don't know of the sale. Our Sellers list with us on the condition of anonymity and that we don't pass on their details to just anyone who emails or calls.

Simply put, if you want to find out more about our practices for sale we need to know more about you and we need to know that if we give you the information you won't be passing it on.

Registering and agreeing to our terms of service gives us this assurance.

Registering as a buyer lets Practice Sale Search know what you are looking for so that we can send you alerts as soon as a practice sale comes on the market that matches your requirements.

Registering as a premium buyer gives you access to:

  • Alerts as soon as a practice sale comes on the market that matches your requirements.
  • Helpful industry specific calculators and templates.

Practice Sale Search is in regular contact with the vendors and makes every effort to provide up to date information on our Practice Sale listings. From time to time circumstances may change and a practice may become under offer without updating their listing however a delay of this sort is usually only for a few days.

We are happy to talk to you on the phone about the process of buying anytime but all questions about specific practices must be made by email, after you have registered as a buyer. There are two reasons for this:

  • Because we have an obligation to our vendors to track whom we are disseminating information out to.
  • We need to keep track of all enquiries and information we have provided so that we cannot be accused of disseminating false information.

We do not provide a sale price for several reasons:

  • A sale price is often not fixed and is subject to market forces – we do not want to be in a position of under or over-quoting.
  • We would rather get an enquiry, give a price range and hear feedback as to value than not get an enquiry at all because the value is assumed not to be there.

Generally we will need a few days notice to arrange a viewing. Most vendors will want a viewing to be after hours or weekends so as not to be in front of the patients and staff that may not know of the sale.

The financials of a practice represent the innermost workings of a practice and are generally the most confidential part of a practice sale. We don’t send these out to everyone that enquires. Initial enquiries generally get an IM/summary of the practice and premises. If the prospective purchaser is still interested after viewing the summary we are happy to discuss sending through financials.

We often get a lot of interest in practices for sale, and vendors don’t want to meet 20 different prospective purchasers.

Generally, we are engaged to be a buffer between the purchaser and vendor, until such a time that we have narrowed down the interest to the top two or three serious prospective buyers. Usually, buyers will not get to meet a vendor unless they have put in an offer that is in a range that will be considered.

The ability to get information like this varies from practice to practice with the software they have and how well they use it . When it is available it is limited – please don’t ask about statistics on ethnicity of patient base – this is never available.

A good indication of a serious buyer is someone who has arranged their:

1. LEGAL REPRESENTATION:
A buyer who decides to shop around for a lawyer once they have a deal at hand is deemed less serious than one who has already done this legwork.
A buyer who has engaged a commercial lawyer to act on their behalf is deemed more serious than a buyer who, for whatever reason (often in order to save money or because they are a family friend or acquaintance), engages a lawyer who specialises in other areas of law (immigration, conveyancing, family, property law, etc.).
We are happy to provide you with a list of commercial lawyers who are experienced in handling dental practice purchases and sales.

2. BUYING ENTITY:
Few people will own a practice in their own name. For tax and liability reasons, they will set up a trust/company/business, which will own the practice. Deciding on the right structure involves consultation with a lawyer and an accountant. Setting up your buying entity takes time (1-2 weeks).
To be deemed serious, the buyer should either:

  1. At a minimum, have consulted with lawyers and accountants to decide what the appropriate structure for them might be, and have the paperwork at hand, ready to go.
  2. More preferably have already set up their buying entity. Showing that you have a buying entity set up means that a transaction will move faster for both the broker and vendor.

Set up costs: If you know that you will be buying or setting up a practice, the set up costs are inevitable, and are not wasted by setting up your entity too early
Ongoing costs: If you have one set up and don’t use it one year, the cost to you is the ASIC filing fee and a nil tax return.
We are happy to provide you with a list of accountants who are experienced in handling dentist tax affairs.

3. FINANCE:
Dentists are inundated with people wanting to help them borrow money. Chasing minimal improvements in an interest rate can come at a high cost, in terms of the time taken and the ease of the transaction.
It is for these reasons that we highly recommend using a specialist lender that regularly deals with dental practice purchases. A buyer who is represented by a dental practice specialist lender is usually seen as more serious about getting the deal done, with less headaches.
A buyer having:

  • Met with a specialist lender
  • Provided them with the information they need to get ready (payslips, ID, etc.)
  • Chosen a specialist lender

Will be seen as more serious than one that has not.
We are happy to provide you with a list of specialist lender/banks who are experienced in handling dental practice purchases and sales.

No, you don’t need to be a dentist to own a dental practice. We have sold dental practices to and for owners that had no professional affiliation with the dental profession.

This differs from practice to practice. Generally, once an offer is accepted, the lawyers need to finalise a sale contract and a vendor post-sale work contract, applications need to be submitted for premises lease to be transferred, etc. This legal process can take several weeks. Once contracts are signed, there is often a three week period between exchange (signing) and settlement (completion of the deal). This period is used for transfers of HICAPS, radiation licences, phone number, etc.

Whether a practice stays on the website during this period, where an offer is accepted but the deal isn’t completed, varies from deal to deal. It is best to ask about a practice, and we can let you know the status on a case-by-case basis.